The Hampshire Companies Announces Acquisition of Office / Warehouse Facility in New Provicence, NJ
The Hampshire Companies, a full-service, private real estate investment fund manager with over $500 million in equity currently under management, today announced the acquisition of a 72,736 square foot mixed use office / warehouse facility in New Providence, New Jersey. The acquisition was made through Hampshire Partners Fund VI.
(PRWEB) October 6, 2004 -- The Hampshire Companies, a full-service, private real estate investment fund manager with over $500 million in equity currently under management, today announced the acquisition of a 72,736 square foot mixed use office / warehouse facility in New Providence, New Jersey. The acquisition was made through Hampshire Partners Fund VI.
675 Central Avenue is a light assembly and warehousing facility that sits on 6.61 acres in a highly attractive market, with considerable barriers to entry and limited comparable assets. The building is fully leased by, and serves as a regional office for Fishbach & Moore, an electrical contractor wholly owned by the Excelon Corporation. The transaction was valued at approximately $6 million. Normandy Realty Partners represented the seller in the transaction.
This acquisition represents a tremendous value-add opportunity, and is in keeping with the overall strategy of The Hampshire Companies," noted Norman A. Feinstein, Senior Vice President of the Hampshire Family of Funds. This asset can easily be repositioned upon termination of the existing lease, for use as either a multi-tenanted flex building, or for a single user with requirements similar to those of the current operator."
Hampshire Partners Fund VI is Hampshires sixth real estate investment fund. It is a $235 million value-add real estate investment fund, which was launched in 2004. With leverage, the Fund will be acquiring approximately $600 million of real estate over the next 3 years. The focus of investment is industrial and retail units located in the northeast.
Hampshire Partners Fund VI is a discretionary real estate investment fund primarily targeted toward institutional investors and pension funds. The fund is a value-added, investment vehicle targeting industrial, retail, and office properties located in the Mid-Atlantic and Northeast regions of the United States. The goal of the Fund is to deliver superior, above-market returns to its investors through the acquisition, repositioning and management of investment-grade properties.
The Hampshire Companies is a full-service, private real estate investment fund management company based in Morristown, New Jersey. The company currently owns and manages a portfolio comprising more than 15 million square feet of office, retail and industrial space primarily in the Northeastern United States valued in excess of $500 million. With over 80 years of experience in the industry, The Hampshire Companies maintains a firm focus on its mission to create and enhance value through sound investments in real estate, and consistently realizing returns that exceed industry standards. Additional information on The Hampshire Companies and its funds is available online at www.hampshireco.com.
Media Contact:
Jason Ledder
R&J Group
(973) 331-1070
Jledder@randjgroup.com
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